Alto Secure, LLC.

Loan Application

CPA

Let us help you build your American Dream

Schedule a Free Consultation

What comes after the Loan Application?

  • Once this loan application is completed, you will receive a mortgage loan disclosure statement which spells out the terms of the loan including all fees and charges. You will also receive a fair lending notice.
  • The loan will result in a legally binding purchase and sale agreement contract detailing all the terms of the transaction. It will include your rights and obligations as well as providing a date by which you will obtain financing.
  • This agreement will also provide that the buyer makes a deposit equal to a small percentage of the sale price. The deposit is held in escrow until a certain date or until the transaction is completed.
  • A Deed of Trust is only utilized in certain states and is prepared by a third-party trustee. The Deed of Trust creates a lien on the real estate being used as collateral. This document is registered at the county recorder's office where the property resides and provides public notification that the subject property serves as the collateral for a loan. Since the Deed of Trust does not obligate repayment, it is necessary for the borrower to execute a Promissory Note. A promissory note states how much money is owed, when to repay the debt plus the rate of interest for this loan.
  • If any part of this loan is used towards the cost of renovation or construction, the contractor performing the must present an estimate of the total cost of the project.
  • A title report will need to be presented. A mutually agreed upon title company will need to issue a preliminary title report indicating whether the property has a free and clear title. The report will indicate any encumbrances on the property such as mechanics liens, tax liens or loans.
  • Construction plans and permits are needed before funding.
  • Proof of property insurance, liability insurance, and title insurance is also  needed before funding.